00:29:50 · Yoonkee Sull
[00:29:50] S2: Yeah. I I think I think one thing I'll mention about unit economics though is you you you wanna make sure that the unit economics are structurally sound, but especially in FinTech, sometimes it can take a little bit of time to get to that place because, you know, let's say you're a credit business, and the reality is for the first year, you have to take some losses to build your credit underwriting engine. That's okay. That's very, you know, that makes a ton of sense. And the decision you might be making is though, while we're doing that, we just want to be moderate in terms of our growth because it's really important for us to create the right credit box for us to scale on top of. And so I think also making sure that you... We can see eye to eye in terms of like, okay, hey, these are the steady state unity canaries that we know we can get to through these different cost initiatives at scale. These are the things that we're willing to take on in terms of whether it be losses or risk or other things today in order to get to that place, and having a very clear path to get to that level, I think is, I think there is... I think we all appreciate that every company is on a journey to scaling unit economics and just making sure that there's a sound path there, and illustrating that is a is a really important aspect of aspect of this.
00:31:15 · Sabrina Fathi
[00:31:15] S0: A 100%. That that makes sense, kind of like balancing that path to profitability with perhaps some of the losses you might incur in the beginning stages. Very cool. To switch it up a little bit, we're actually gonna be focusing a bit more on the socioeconomic impact of financial innovation. So as we know, promises to democratize financial access, but in many innovations still primarily serve already well off consumers. How can FinTechs ensure that they're driving true financial inclusion across the board?
00:31:46 · Yoonkee Sull
[00:31:46] S2: Yeah. I I I actually think this is where a lot of value has actually been created personally, and and I think a lot of it was also done with just, you know, disruptive business models as well. So, you know, maybe a couple examples I might point to, you know, Chime is a good example of a company that's offering a fee free checking account with no minimum fees or overdraft fees. Or Monzo, which we talked about, another portfolio company that has done really well in The UK by bringing transparency to customer and accessibility, or Robinhood for being the first to offer commission free trading, or another one of our companies and wealth altruists in terms of arming advisers with tools to ensure that they can serve clients with with with any size of net worth. And so I think a number of others... There are a number of others where I think the early core value proposition was about, you know, removing hidden fees, allowing people to access products that they otherwise could not have, you know, had access to, and ultimately delivering the savings to the customer and building a fantastic business alongside that. So I do actually think a lot of great FinTech businesses have kind of delivered against this and are continuing to deliver for it.
00:33:11 · Sabrina Fathi
[00:33:11] S0: You've mentioned some of the new banks that, you know, have have risen in popularity like Chime and Monzo, and it seems like that sector is quite well established, but maybe some other FinTech sectors still need disruption. We mentioned earlier, Coast, which is the fleet payment solution and how fragmented, that that space can be. Are there any other spaces within FinTech that you believe are right for disruption or, that could use technological advancement and innovation to grow even further?
00:33:44 · Yoonkee Sull, Wesley Aster
[00:33:44] S2: Yeah. I think, you know, I think one high level dynamic we discussed a fair bit is that there's, you know, there's definitely been a lot of innovation for consumers over the last decade, a little bit to your point. I I I still do think that we are in the early innings of the growth headroom there even even today, but we are now seeing similar impacts in companies emerging in B2B, you know, companies that are just providing better technology and financial technology to, you know, small businesses, to advisors, to others, you know, like that. And so I I think, you know, after a lot of innovation on the consumer side, I think we're seeing a lot of this... A lot of similar themes get replicated on the b to b side, and I think we're still very early early in that. I also think that there is a lot of opportunity in terms of, you know, you know, financial software businesses, whether it be on the accounting side or the planning side or the treasury side to increasingly, you know, leverage AI to further automate, create efficiencies, and things of that nature for for the customers that they serve as well. And I think we're we're we're, you know, we're seeing really interesting trends there. And then I think more macro, [00:35:07] S1: you know, I think there's
00:35:07 · Wesley Aster, Yoonkee Sull
[00:35:07] S1: you know, I think there's [00:35:08] S2: a lot of discussion around the existing rails needing to be disrupted to support even further innovation. And I think it's a complicated and a nuanced subject, but I do think there are going to be interesting things that emerge, you know, out of those themes as well over the coming decade plus that we will be, you know, keenly keenly watching as well. [00:35:37] S1: So related to disruptions or or perhaps opportunities within fintech, we'd love to hear your perspectives on the technologies that are shaping the future of fintech. One that you mentioned a couple of times is AI. AI is transforming financial services from from underwriting to fraud detection. Where do you see the biggest opportunities for AI within FinTech?